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Officers Club on the brink of administration

Discount menswear chain Officers Club is understood to be on the brink of administration, with young fashion chain Blue Inc a frontrunner to snap up some of its stores.

According to the Independent newspaper, Officers Club, which has 106 stores and 1,200 employees, could as early as today file a notice of intention to appoint Grant Thornton as administrator.

Blue Inc, which has 99 stores, is believed to want to acquire 50 of Officers Club stores if it does hit the buffers.

The menswear retailer previously went into administration in December 2008 and was bought by founder and chief executive Dave Charlton early in 2009.

It is thought Officers Club had been adversely impacted by a lack of credit insurance and the payment of its second quarter rent bill, which was due on Friday.

Blue Inc, which is considering a flotation, is set to record profits of £3m and a turnover of £55m in 2010.For the two weeks to December 31 like-for-like sales rose by 1.7%.

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